h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

I have a question about this because I've just got THE LETTER through the post saying I must start paying back my student loan.

But the balance on this 'bill' was much much less than I borrowed. I have just sent a letter back to them to confirm how much I owe them, but I am secretly hoping that they have cocked up.

Has anyone else had a simliar experience? Or has someone had experience of them splitting the bill up so that you don't feel too overwhelmed when you first hear from them or something?

Hello there Lettuce,

You can always apply for deferred repayment, as long as you earn less than £1644 a month (my docs are in front of me). They will only refund 3 months worth of arrears, but the deadline's only just gone. Still, I'd better get my form filled in

Hi Jack,
I already deferred it for a year, but I've got the dough to start repayment now. On your form - does it say 'Loan account no.' - then your 'Current Balance', then 'Monthly Repayment Amount'?

Is your 'Current Balance' the total amount you have borrowed? Or is it just a part of the total loan?

Because if that 'Current Balance' is all they think I borrowed, then I am SERIOUSLY quids in - and yes, the drinks ARE on me.

Yeah, the Current Balance(s) should be the total amount you have to pay back. Dividing it by monthly repayment amount, I get a bizarre 56.38 ish figure. If you get the same, the figures are probably right, and you is a lucky man!

Ah, even though I have deffered my payments for 3 months (too late replying) when I am to start paying it back they are asking for £89 a month, now in comparison to what jack is paying, that seems a lot.

Jack did you take out 3 loans or 2?

Also once those 3 months are up I will still be earning under 1644 a month, so will they still expect me to start paying it back, or can I defer again?

Also does anyone actually posess any tangible objects from spending their student loans or was it blown on beer?

Please advise (am begining to feel awfully skint for the next few years)

I pi**ed my loans away - and at the time it seemed like such a good idea. I know people who bought decks and started a record collection. Others started dealing hash so they'd have more money.

If they have messed up my loan, I am a lucky lucky boy and will forever count my blessings. It would have taken me a good 5 or 6 years at least to pay it back.

But I'm not counting my chickens yet. Just hoping and touching as much wood as possible.

*Basks in the fact that he just finished paying it off last month*

Luvverly

My DD wasn't cancelled when the loan was paid off - and claiming back 3 installments was no fun at all - so yes, they do make mistakes.

You defer for 12 months and can keep on defering if you're not earning more than the threshold amount. They do want proof though.
The figure of about 5 years should work out as the loan term is for 60 monthly repayments.
I'm still paying mine back but there is no rush as the interest is only the inflation rate on a date in august each year.

The sum might refer to the money owed in one account. Phone them to make sure. (maybe the number refers to your installment that is due, )

I just started paying mine off. Because I now live in the US the letter demanding payment arrived on the day that it was due so I hurridly got on the phone and paid by credit card (yes, you can do that, it takes a few minutes). In one payment I paid off about 15% of my loan, it hurt, but it also felt dead nice.

Ste

* basks in the fact he never had a loan in the first place *

With you on that one GD - I am lucky to be old enough to have had a *grant* I actually left college with money left over!
Back then (1984) the grant system was means tested and I came in just under the line so got the full whack! My digs were only £40/week and I was a bit of a sorry excuse for a student - in other words I didn't go out on the p*ss every night, or do drugs, or buy lots of records etc., hence the money left over.
I do sympathise with anyone who has a student loan looming over them though - not a very nice way to begin your *adult* life - in debt

My friend's sister put her loan in various high interest accounts, living on practically nothing, then got the money out, paid the loan back and used the interest to finance her MA.

That's right I had the grant as well. My Mum's contribution was about £20 a year and the State paid the rest. Plus of course all the benefits that could be claimed.
- Extra grants for books and travel expenses
- Housing benefit which paid at least 50% of my rent
- Unemployment benefit during holidays
- Supplementary benefit and the Purple Peril for all those little extras

I do feel a bit sorry for the students now struggling with a life of debt. Well I do until I see the size of my tax bill every month.

paying back?

hehe!

it's a grant not a loan!

just move house

Do you not still have to provide a guarantor for it then?

If I'd done a runner my parents and/or brother would have had to pay it instead... popular - moi?

The student loans started in my second year hence my loan was a relatively small 1600 over my second third and final years. I'd hate to pay the full whack they get now off

Please don't feel sorry for me becasue of the loan.
I didn't have to become practically an alcoholic for 3 years. I did anyway and it cost me a lot of money. So now it's pay-back.
If I moved house btw it wouldn't matter too much. They've got my bank details, plus they had a sperm sample and a blood test.
THEY would find me eventually.......

They cocked up my final installment on my loan as well you see, I didn't get a loan for my final year - so I will feel totally justified in not paying back a large percentage if the opportunity arises.

You have to give a sperm sample to get a student loan??

Blimey thats nasty! In my day it wasn't compulsory, in fact they'd pay you for it

I'd never have got one if this was compulsory in my day

They were only introduced in my second year and were worth £600 for the year. The grants were being cut and phased out so my grant was (I think) £33 a term and mum and dad were skint so they gave me what they could. Housing benefit and income suport we already gone. This was a really tough time to be a student! I, and many of my friends ended univeristy with massive overdrafts and credit card bills - the worst, most expensive form of credit ever.

It wasn't too bad paying the loans back, the cc bills were the worst.

All gone now though